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WWYD buying now Vs later and possibly a better house

9 replies

Rainbowhairdontcare · 05/12/2019 13:40

We've been trying to buy this house since September. It has been slightly delayed mostly because our original lender (TSB) would not lend for a house with a single.skin wall. So now the broker found another one with Halifax. Thanks to the delays now our baby has been born and is counted as a dependent. They want us to have more deposit (2.5k) in order to be approved. We don't have that money, the only thing I can think of is to ask my MIL and pay it back eventually (in 12- 9 months).

One other thing to consider is that ok will get a payrise once I get back from ML. This additional income means we can buy a better house but then we have to stay in rented and we don't know a) how much more exactly am I going to get (at least £5k but most likely £7k) b) I'd probably have to work sooner than expected which is not ideal. I'm really torn

OP posts:
Lightsabre · 05/12/2019 13:49

I'd wait. Won't a single skin wall cause problems on re-sale?

Rainbowhairdontcare · 05/12/2019 13:57

Potentially it will. The broker seems to think 50% of lenders wouldn't approve a mortgage with that type of construction.

OP posts:
Foxyloxy1plus1 · 05/12/2019 14:20

Wait. It’ll be a millstone round your neck in the future. Wait and get something better in a while.

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Rainbowhairdontcare · 05/12/2019 15:06

Yes, just before this bit of news I was thinking of simply waiting for something better and just enjoy my baby.

WWYD buying now Vs later and possibly a better house
OP posts:
shesamuscularboy · 05/12/2019 15:10

Oh my

DeRigueurMortis · 05/12/2019 15:56

What a lovely picture Grin

I'd wait OP.

A single skin property won't increase as well as "better" builds, resale will be an issue and you'll lose the chance to gain as much equity as you otherwise would.

I'd also sack the idea of moving whilst your gorgeous baby is little. It's stressful and tiring at a time you've already got a lot on your plate and ready need and deserve the chance to enjoy these easily days Grin

DeRigueurMortis · 05/12/2019 15:57

Early not easily!

TheNoodlesIncident · 05/12/2019 16:01

In your shoes I would wait - would always recommend you get a house of standard construction. Not only will lenders be reluctant to lend on this one, insurers will view it less favourably than standard builds. And also of course consider when you might want to resell.

Wait til you find something better. And get lots of cuddles in...

Rainbowhairdontcare · 05/12/2019 18:13

Yes, I tend to agree. The mortgage broker has got back to me to say my pay increase could be used as long as I have proof. I can ask my my boss, but frankly I think this house has been so problematic to buy (as well as the broker being a bit useless) that I do t have the best feeling about it.

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